Busy Friday! Today, the scam scene in Cyprus seems to be very active in the cyberfinance space. Emails are arriving almost by the minute, promising quick money and wealth. Those who click on the links are led to scam campaigns like CryptoEngine or Bitcoin Profit. The latter currently facilitated the broker scam ProfitsTrade (www.profitstrade.com), supposedly operated by ProfitsTrade Ltd in the Commonwealth of Dominica. We have discovered Praxis Cashier for credit and debit cards and RocketBit for crypto payments as payment processors.
Warnings don’t bother payment processors
The ProfitsTrade scam is already old. The UK FCA issued a warning against it in August 2020, the Austrian FMA in May 2021 (here). This apparently does not bother Praxis Cashier or the licensed RocketBit.
RocketBit, operated by the licensed Estonian RocketBit OÜ, has increasingly come to our attention in recent weeks as a payment processor for scams. However, the RocketBit team contacted us several times, assuring us that they were working on the AML/KYC process to prevent fraud and scam customers. Apparently the improvements are not working yet. In the ProfitsTrade scam, Rocketbit is directly integrated into the Praxis Cashier solution. Potential victims are sent to RocketBit via the fast-track onboarding process (https://rocketbit.io/en/ff/?code=973d472054). The purchase of bitcoins via credit card is then processed through RocketBit partner Decta (https://transactions.decta.com).
Sure, the integration of RocketBit with Praxis Cashier or ProfitsTrade is not a deep one, which means that ProfitTrades victims will have to register with RocketBit again separately if they do not already have an account. However, in case they already have a verified account, the payment will go through immediately.
Stay away, stay safe!
Stay far away from fraudulent campaigns like Bitcoin Profit and the scams facilitated by them. Save yourself money and frustration.